Walk into any bank on Lincoln Way and you’ll hear "send us two years of tax returns and we’ll get back to you in a week." At NMHL, we already underwrite Ames loans in-house, so a first-time teacher making $48K can leave our virtual appointment with a $260K pre-approval letter the same afternoon. Our local processing team knows every quirk of Story County titles—like how the city’s 1910 plats in Old Town sometimes create survey gaps that delay closings. We front-load those searches so your offer on a cute bungalow on Kimball Avenue doesn’t blow up three days before possession.

We also price Iowa loans off the Fannie Mae Iowa Housing Advantage index, shaving 0.125 % off market rate for any borrower under 115 % of area median income. On a $250K mortgage that’s $26 a month—$9,360 over the life of the loan—without any buy-down fee. Big banks simply don’t compete here.

Somerset / Edwards ($240–280K): Tree-lined streets, mature oaks, and sidewalks leading to Ada Hayden trails. Homes built 1980–2005, 1,600–2,200 sq ft, excellent resale velocity. Great for young faculty families who want Ames Community School District’s top elementary without the premium of "inside the loop."

Old Town ($220–310K): Victorian and Craftsman gems within walking distance of Campustown coffee shops. Values rose 8.3 % last year, driven by ISU staff wanting a short bike commute. Parking can be tight, so NMHL’s renovation loan lets you roll a garage build into the mortgage at today’s low rate instead of paying cash later.

Northwest Ames ($230–290K): Larger 1990s–2000s ramblers and two-stories, many with walk-out basements and quarter-acre lots. Qualifies for USDA 100 % financing—huge for buyers with solid income but limited savings. Commute to ISU is 12 minutes on the new South Duff extension.

West Ames / Campustown Condos ($150–220K): Perfect for investors or ISU parents buying a four-year holding property. NMHL’s Investor Advantage allows only 15 % down, rents can exceed $1,400/month, and we’ll pre-approve your student tenant’s parents as guarantors if needed.

Start with the free NMHL Iowa FirstHome Quiz—a 90-second snapshot that tells you exactly which down-payment grants you qualify for. If your household income is under $95,300 (Story County limit for 1–2 persons), you’re eligible for the Iowa Finance Authority’s $5,000 assist and reduced monthly MI. Next, book a 15-minute Zoom with one of our Ames specialists; we’ll collect bank statements and pull a soft credit check that won’t ding your score.

Once pre-approved, we plug you into our daily MLS feed filtered for neighborhoods that still qualify for USDA (northwest Ames) or have active city grants (core area south of 13th). When you’re ready to offer, we issue a Verified Approval letter—equal to cash in sellers’ eyes because NMHL underwrites income, assets, and credit up-front. Last year our Ames first-time buyers won bids with an average 1.4 % concession, compared with the market average of 2.7 %.

At closing, we roll the $5,000 IFA grant and up to 3 % seller credit into the same transaction, so most buyers bring less than $1,000 total. We even front the $450 appraisal cost and reimburse it at closing—no out-of-pocket stress while you’re juggling moving boxes and finals week.

Story County is packed with consultants, ag-tech start-ups, and ISU adjuncts whose tax returns don’t reflect real cash flow. Our Bank-Statement Advantage program uses 12 or 24 months of business deposits, adds back one-time expenses, and approves loans up to $1.5 million with only 10 % down. You can buy that acreage on the west edge of town or a custom build in Somerset without showing a single Schedule C.

We also offer Profit & Loss (P&L) Only options for borrowers whose CPA prepares quarterly statements. Last month we closed a $380K loan for an app-developer couple who took massive depreciation on their Ames loft conversion; traditional banks denied them, but NMHL approved using YTD P&L plus three months of business bank statements. Rates were only 0.25 % above conventional—far better than hard-money or portfolio loans.

If you’re a farmer receiving crop-insurance payments, we average the last three years and count 100 % of that income. Combine it with a USDA Rural Development loan and you can purchase up to 10 acres with zero down, something no local bank offers anymore.

Central Iowa has one of the highest per-capita veteran populations in the Midwest, and NMHL makes sure those who served at Camp Dodge or overseas get every benefit. Our VA Zero+ covers 100 % of the purchase price, finances the VA funding fee into the loan, and still leaves you eligible for the Iowa Military Service Tax Credit—worth up to $1,320 cash-back at closing.

If you already used your entitlement on a home outside Iowa, we can restore it with a one-time restoration so you can buy in Ames without selling the previous house. And when rates drop, our VA IRRRL streamline takes about 17 days and requires no appraisal or income docs—perfect for busy ISU staff or National Guard members.

We recently helped a veteran couple buy a $300K new-build in West Ames; they came to the table with $0, received $1,320 from the state credit, and walked away with keys and a 6.5 % fixed rate when banks were quoting 7 % with 5 % down. That’s the NMHL difference.

• Iowa Finance Authority FirstHome: $5,000 at 0 % interest, forgiven after five years. Combine with NMHL FHA 3.5 % down.
• Homeownership Ames Grant: City-funded $2,500 for purchases within Ames limits; income cap $82K. NMHL handles city paperwork.
• Story County Leap: $3,500 for buyers outside city limits; perfect for USDA-eligible northwest Ames properties.
• IFA Military Service: Additional $1,000 for veterans; stacks with VA loan.
• Good Neighbor Iowa: $1,500 for teachers, nurses, and first-responders buying within Ames school district boundaries.

NMHL’s system automatically checks which layers you qualify for and applies them in the correct order so nothing falls through the cracks. Last quarter our average Ames first-time buyer received $9,050 in combined grants and closed with less than $1,000 cash.